Apple (AAPL 1.66%) is one of the best-known companies and stocks in the world. However, even the creator of the iPhone hasn't been immune from the erratic market conditions in 2022. 

Apple's stock price has fallen 18% since the beginning of the year. That might sound concerning, but with exciting developments in the pipeline, the company's shares are trading at a bargain. As a result, now is an excellent time to learn more about the tech titan. 

Here are three things about Apple that smart investors know.

No. 1: Apple Silicon 

Apple is closing in on the end of its transition from Intel processors to its own custom-made Apple Silicon chips. The new systems on a chip (SoC) have been a jolt of lightning to Apple's Mac desktop and laptop lineup since being announced in June 2020. 

Months after Apple released its first Apple Silicon products, Mac revenue increased by 70%. In the second quarter of 2021, Apple's CFO Luca Maestri said "more than half" of its Mac and iPad sales in that quarter were to customers who had never owned one before as the more powerful Macs attracted consumer interest.

In the second year of Apple's transition away from Intel, the company released its next wave of Apple Silicon products. The new Macs feature major design overhauls thanks to Apple Silicon allowing the company to design its Macs from the ground up, not something Apple could do when it relied on Intel for the processor or SoC. Previously, Apple would have to design around the constraints of Intel, which led to Macs that, from 2016 to 2020, were generally considered some of the worst the company had produced.

Apple's Mac-segment revenue increased by 29% in the fourth quarter of 2020, the quarter when the first Apple Silicon Macs were released. Since then, Apple's Mac revenue has experienced consistent and massive growth year on year. In fact, in Q4 2022, Mac sales rose 25% year over year to $11.5 billion despite declines in the PC market. 

No. 2: Services 

Apple's services business includes subscriptions, such as Apple Music, TV+, Arcade, iCloud+, News+, and Fitness+, with four of its six key subscriptions introduced within the last three years. The business is swiftly growing, with Apple likely to see significant and consistent gains from its services for the long term. 

Since Apple Music launched in 2015, the services segment revenue has grown from around $5 billion each quarter to nearly $20 billion. One of the most attractive parts of the business is its profit margins which hit 71.7% in Apple's fiscal 2022.  Comparatively, the same metric for its products came in at 36.3%.

Part of the appeal of Apple devices is that they tend to last much longer than the competition. In fact, the latest software update, iOS 16, supports iPhones released as far back as 2017, while older models still receive critical security updates. Meanwhile, Alphabet's Google supports its Pixel phones with updates for three years, which is above average for Android.

However, supporting devices for longer means customers are less likely to buy new devices as frequently. Apple has been able to offset this problem with its services segment. The company has increased revenue by locking Apple users into its subscriptions, cloud services, and App Store even when it doesn't sell devices. 

In 2021, the App store was responsible for roughly 37% of Apple's total services revenue. Although the App store doesn't tie people to Apple in the same way its subscriptions do, it's the segment's biggest individual money maker.

No. 3: Apple Glasses

Apple is reportedly gearing up to release its long-awaited augmented/virtual reality (AR/VR) headset in 2023.

The AR/VR headset has been in the works at Apple for years. Details have slowly trickled out as development has progressed. Production of the unannounced headset is believed to begin in March 2023.

Unlike traditional virtual reality headsets like Meta Platform's Meta Quest, Apple's version is said to be a mixed-reality headset. That means it will overlay information on the world around the user. For example, imagine having the opening time of a restaurant appear in the air when looking at it or map directions overlaid on to reality itself. 

Eventually, Apple hopes to replace the iPhone with this device. The first iteration may look like a virtual reality headset. However, future iterations are reported to be as small as glasses and even contact lenses. 

Apple's headset could be as revolutionary for humanity as the original iPhone was in 2007. Additionally, considering the $25.33 billion AR market is expected to see a compound annual growth rate of 40.9% until 2030, Apple is cleverly positioning itself in the industry.

Apple shares have tumbled this year, but it continues to have excellent long-term prospects. These three aspects of the company, along with many others, make its stock a no-brainer buy.